Growth equity firm Summit names new IR chief

Summit Partners has hired David Schiller to lead its institutional relationship management efforts.

Boston-based Summit Partners has named a former hedge fund business development professional as its new chief investor relations officer.

In a Thursday statement, Summit said David Schiller joined the firm’s Boston headquarters from hedge fund Renaissance Institutional Management. At Renaissance, Schiller was a managing director overseeing business development and investor relations.

A source familiar with the matter told Private Equity International Schiller is replacing Courtney McCarthy, who had been the chief IR officer at Summit since January 2009, according to her LinkedIn profile. It was unclear where McCarthy left Summit for.

Earlier in his career, Schiller was co-head of North American institutional sales at BlackRock Alternative Investors, which invests in hedge funds, private equity, real estate, infrastructure, hedge fund of funds and other alternative assets.

He had also worked at Barclays Global Investors and Goldman Sachs in business development and institutional relationship management roles, the statement said.

Summit focuses on three core sectors: technology, healthcare and life sciences, and digital services. Its current portfolio includes companies such as insurance e-commerce company Acturis, aerial intelligence gathering technology platform Aeryon Labs and security alarm monitoring provider Central Security Group, according to its website.

The firm seeks to invest $10 million to over $500 million per transaction, and pursues both minority and majority stakes, according to its website.

According to PEI data, Summit announced its ninth flagship fund, Summit Partners Growth Equity Fund IX, in April 2015, targeting $3 billion. As of June 2016, the fund had raised $2.35 billion.

The data indicate the fund’s investor base includes Minnesota State Board of Investment and the Pennsylvania Public School Employees’ Retirement System, which both committed $100 million; Teachers’ Retirement System of Louisiana, which committed $75 million; Maine Public Employees Retirement System, which committed $60 million; and District of Columbia Retirement Board, which committed $30 million.

It is also currently fundraising Summit Partners Venture Capital Fund IV, which launched in 2015 and has a target of $600 million.

A document from the Pennsylvania Public School Employees’ Retirement System showed that investments requiring over $60 million in equity will be made by the ninth growth equity fund, while those requiring under $60 million will be made by the fourth venture capital fund.

Founded in 1984, the firm, which also has offices in Menlo Park and London, manages $16 billion in assets, PEI data showed.

Summit was not available to comment.